United Kingdom: Net incurrence of liabilities, total (current LCU)

Key figures

What the numbers say

In 2024, United Kingdom's net incurrence of liabilities, total (current LCU) fell 15.37 billion on 2023 (from 218.52 billion to 203.14 billion).

Across the 30 yearly changes before that (1994 to 2023), the average change was +5.77 billion and a typical year strayed about 80.81 billion from that (the standard deviation). This year's change was 0.3 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 295.5 billion in 2020 and the biggest yearly fall was 156.29 billion in 2021. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 24% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, United Kingdom had the 27th highest value of the 55 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to United Kingdom in the 2024 ranking

• Armenia — 24th of 55: 399.87 billion
• Ethiopia — 25th of 55: 253.89 billion
• Dominican Republic — 26th of 55: 208.08 billion
• Israel — 28th of 55: 199.01 billion
• Canada — 29th of 55: 156.98 billion
• Uruguay — 30th of 55: 118.68 billion

What this measures

Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.

Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).

All 53 values

Net incurrence of liabilities, total (current LCU) in nearby economies

• Albania — 48.87 billion (2024)
• Armenia — 399.87 billion (2024)
• Azerbaijan — 1.61 billion (2024)
• Belarus — 3.4 billion (2024)
• Bosnia and Herzegovina — 1.51 billion (2024)
• Georgia — 1.93 billion (2024)
• Hungary — 3.5 trillion (2024)
• Iceland — 113.95 billion (2023)
• Kazakhstan — 2.84 trillion (2023)
• Kyrgyz Republic

More public sector data for United Kingdom

• Arms imports (SIPRI trend indicator values) — 609 million (2025)
• Military expenditure (current USD) — 88.98 billion (2025)
• Military expenditure (current LCU) — 71.18 billion (2025)
• Military expenditure (% of GDP) — 2.35% (2025)
• Arms exports (SIPRI trend indicator values) — 702 million (2025)
• Net incurrence of liabilities, total (% of GDP) — 7.03% (2024)
• Net investment in nonfinancial assets (current LCU) — 69.25 billion (2024)
• Net investment in nonfinancial assets (% of GDP) — 2.4% (2024)
• Net lending (+) / net borrowing (-) (current LCU) — -198.42 billion (2024)

Reading data like this

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Questions people ask

What is United Kingdom's net incurrence of liabilities, total (current LCU)?

203.14 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1972?

It is up 66,723% from 304 million in 1972 (13.32% a year on average, compounded). The highest value was 401.48 billion in 2020 and the lowest -5.36 billion in 1988.

How does United Kingdom rank?

27th highest of 55 economies with data for 2024.

Is the latest change in net incurrence of liabilities, total (current LCU) unusual for United Kingdom?

In 2024, United Kingdom's net incurrence of liabilities, total (current LCU) fell 15.37 billion on 2023 (from 218.52 billion to 203.14 billion). Across the 30 yearly changes before that (1994 to 2023), the average change was +5.77 billion and a typical year strayed about 80.81 billion from that (the standard deviation). This year's change was 0.3 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator GC.LBL.TOTL.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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